The costs of moving money across borders and the volume of capital flight: the case of Russia and other CIS countries (CROSBI ID 175583)
Prilog u časopisu | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Brada, Josef C. ; Kutan, Ali M. ; Vukšić, Goran
engleski
The costs of moving money across borders and the volume of capital flight: the case of Russia and other CIS countries
We estimate capital flight from seven countries of the Commonwealth of Independent States for the period 1995–2005. In some countries capital flight is large and growing, but other countries, despite similar macroeconomic and political circumstances, have little capital flight. We develop a model of capital flight that incorporates costs of moving money to offshore locations and show that such costs are an important determinant of capital flight. Liberalizing the trade and financial sectors accelerates capital flight by making it easier to move capital abroad. In the short run, greater regulation rather than external sector liberalization appears to have more potential to combat capital flight.
capital flight ; illicit money flows ; financial sector liberalization ; Russia ; Commonwealth of Independent States
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Podaci o izdanju
147 (4)
2011.
717-744
objavljeno
1610-2878
1610-2886
10.1007/s10290-011-0100-3